Domestic Buyer Goes Abroad

A simplified procedure for obtaining citizenship and freedom from VAT has a stimulating effect on foreigners to buy property in Turkey. While the Turkish government to attract foreign investment and amend the legislation supporting the sales of real estate sector to foreigners, domestic buyers purchase a house abroad. This concerns mainly the objects of luxury real estate.

Engin Keçeli, a member of the Board of Directors of Seba Construction, who spoke during the presentation of a luxurious housing project, stated that poor trend in employment caused by the reflection losses in the tourism sector, “It is necessary to keep the sector alive, that at the same time, the construction sector will still alive too”. capital outflows and reduced of sales volume of real estate due to the departure of domestic buyers abroad has many causes, including psychological. State and government should closely monitor the development of this trend, he said.

According to research, most of the apartment abroad Turkish citizens buy in Germany. In this country, it acquired 1 million 800 thousand apartments. 45% of Turks living in Germany have their own housing.

At the same time, Turkish immigrants in France bought 120 thousand apartments. In Belgium, Switzerland and the Netherlands they bought about 150 thousand housing units, and in United States of America 75 thousand units. In Sweden, it purchased a total of about 10 thousand apartments. Favorite cities for investment in real estate Turkish emigrants are Berlin, New York, Miami, Los Angeles and San Diego.